Bristol (Conn.) General Retirement System voted to retain Merrill Lynch as consultant, pending contract negotiations, said Gayle W. Levesque, accounting supervisor. The $349 million system will begin an asset allocation study once contracts have been signed, she said.
Separately, the system hired INVESCO to manage $7 million in active international value equities, Ms. Levesque said. Funding came from terminating Nicholas-Applegate, which managed $7 million in active domestic midcap growth equities, because of disappointing performance in growth equities as a whole, she said. Rick Shaughnessy, head of communications for Nicholas Applegate, said the firm had a great working relationship with the city of Bristol and hopes to work with the plan in the future. Nicholas Applegate "understands that (the system) had an over-abundant situation" and wanted to take some assets out of equities and into a more conservative route.